3 Tips to Minimize Fraud for Merchant Accounts (part 3 of 3)

This post concludes coverage of ways to reduce fraud in merchant credit card processing – something all businesses should be mindful of during the busiest gift-giving season of the year. In reviewing all the methods, fraudulent shoppers use to infiltrate e-commerce sites, it can’t be stressed enough how important it is to stay current on merchant credit card processing protections.

Match up the Bank County with Billing Address Company:
It may be easy to miss, so be careful. If the card is issued from one country, but the merchandise is being billed to another, that is a pretty clear indication something may be up. This is really important due to the fact smaller banks may not have as strict identification procedures, and will not catch the error.

Verify if the Mailing Address is a Mailbox or Ship Forward Service:
Anyone trying to scam a business wants to stay anonymous, but they still want to pick up the merchandise. Most often they will use a public P.O. Box, private mailbox, or a drop shipment forwarding address , which serves as a temporary receiving point. Always request a physical address, or don’t send the order. Never send to a P.O. Box (unless it’s a legitimate company), a public rented mail box or forwarding address – as there is no way to verify if the buyer is legit.

Develop an Internal Fraud Avoidance File:
Create a file that includes all the details of each fraudulent order, year after year, to avoid being scammed by the same person again. Include all critical information related to the transaction, including the name, address and phone number(s), as well as credit card number.

Now if an order comes in that looks suspicious, you can review the file to see if there are similarities in the look or presentation of information, or if the same person has resurfaced to try again. This is a great way to keep clear track of potential dangers, and protect your internet merchant accounts against fraudulent credit card transactions.

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At The Transaction Group, customer satisfaction is our priority. Allow us to show you what we can do for you.

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